GBP/JPY Clears January Range to Push RSI Towards Overbought Zone
GBP/JPY clears the January range to register a fresh yearly high (190.08), with the recent rally in the exchange rate pushing the Relative Strength Index (RSI) towards overbought territory.
GBP/JPY Outlook
GBP/JPY moves away from the 50-Day SMA (184.68) as it extends the advance from the start of the month, and a move above 70 in the RSI is likely to be accompanied by a further rise in the exchange rate like the price action from last year.
A close above 189.00 (38.2% Fibonacci extension) may push GBP/JPY towards the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region, with the next area of interest coming in around 195.28 (August 2015 high) to 195.70 (61.8% Fibonacci extension).
However, the RSI may show the bullish momentum abating if it struggles to push into overbought territory, with a move below 186.60 (50% Fibonacci extension) bringing the monthly low (185.24) on the radar.
--- Written by David Song, Strategist
GBP/JPY Outlook
GBP/JPY moves away from the 50-Day SMA (184.68) as it extends the advance from the start of the month, and a move above 70 in the RSI is likely to be accompanied by a further rise in the exchange rate like the price action from last year.
A close above 189.00 (38.2% Fibonacci extension) may push GBP/JPY towards the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region, with the next area of interest coming in around 195.28 (August 2015 high) to 195.70 (61.8% Fibonacci extension).
However, the RSI may show the bullish momentum abating if it struggles to push into overbought territory, with a move below 186.60 (50% Fibonacci extension) bringing the monthly low (185.24) on the radar.
--- Written by David Song, Strategist
Отказ от ответственности
Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.